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ABGSC Healthcare Research ... (+2)
  • ABGSC Healthcare Research
  • Sten Gustafsson

Speciality Pharma holding back growth

17.5% below on adj. EBITA despite strong MT+AT. Adj. EBITA down 1.7-6.1% for '24e-'26e. HOLD maintained, TP down to SEK 535 (550).

ABGSC Healthcare Research ... (+2)
  • ABGSC Healthcare Research
  • Sten Gustafsson
ABGSC Healthcare Research ... (+2)
  • ABGSC Healthcare Research
  • Sten Gustafsson

MT+AT to drive sales growth in Q2e

Q2'24 due on 24 July. EBITDA up 1.1-2.5% for '24e-'26e. HOLD maintained, TP up to SEK 550 (455).

ABGSC Healthcare Research ... (+2)
  • ABGSC Healthcare Research
  • Sten Gustafsson

Strong start to the year

Solid report with a small miss on earnings. EBITDA revised up 4.4-4.6% for '24e-'26e. HOLD maintained, TP raised to SEK 455 (405).

ABGSC Healthcare Research ... (+2)
  • ABGSC Healthcare Research
  • Sten Gustafsson

MedCap AB: 1 director

A director at MedCap AB bought 1,500 shares at 297.500SEK and the significance rating of the trade was 69/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly sho...

Adam Karlsson ... (+2)
  • Adam Karlsson
  • Erik Cassel

MedCap - Valuation and outlook no longer appealing

Valuation is no longer a reason to own Medcap... … and key growth drivers looks set to slow down Down to HOLD (Buy) with TP of SEK 220 (240)

Erik Cassel
  • Erik Cassel

Sector Fast Comment - Hospital data update

Better hospital margins in August Congress passed supportive spending bill Small positive for companies with capex exposure

Adam Karlsson ... (+3)
  • Adam Karlsson
  • Erik Cassel
  • Jakob Lembke

MedCap - Seemingly unfazed by weak macro, again

Strength in both areas behind 11% sales beat We raise ’22-’24e EBITA by 2-3% Discount has narrowed, but still 30% below peers

Adam Karlsson ... (+3)
  • Adam Karlsson
  • Erik Cassel
  • Jakob Lembke

MedCap - Ends dry spell

Abilia acquires Cognita Adds 1% to group revenue Marginally positive as it reignites M&A story

Adam Karlsson ... (+3)
  • Adam Karlsson
  • Erik Cassel
  • Jakob Lembke

MedCap - M&A potential for free

Adj. EBITA 33% better than we expected Strong momentum continues: ’22-‘24e EBITA up 10% Great value at 10x ‘23e EV/EBITA with M&A potential

Adam Karlsson ... (+3)
  • Adam Karlsson
  • Erik Cassel
  • Jakob Lembke

MedCap - EBITA 33% better than expected

Sales +14% vs. ABGSCe on broad strength Estimates should come up ~10% Share to outperform by 7-10% today

Adam Karlsson ... (+3)
  • Adam Karlsson
  • Erik Cassel
  • Jakob Lembke

MedCap - Too cheap given performance and potential

Adj. EBITA 17% better than we expected Strength to continue; adj. EBITA up 6% for ’22-23e Too cheap at 14x ‘22e EV/EBITA with M&A potential

Adam Karlsson ... (+3)
  • Adam Karlsson
  • Erik Cassel
  • Jakob Lembke

MedCap - Strong Q4 across the board

EBITDA 21% better than ABGSCe Share should come up >5% M&A potential undervalued at 14x ‘22e EV/EBITA

Adam Karlsson ... (+3)
  • Adam Karlsson
  • Erik Cassel
  • Jakob Lembke

MedCap - New M&A could excuse the weak performance

19% adj. EBITA miss vs. ABGSCe ’21e-’23e adj. EBITA down 11-5%, on lower profitability No M&A in a year hurts the equity story

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